M Options History — July 2023

In July 2023, M traded between $15.52 and $16.51. ATM implied volatility averaged 44.2%, placing in the 13.8% IV rank vs the trailing year. The 30-day expected move averaged 12.5%. IV traded above realized volatility by 12.2% (HV 20d: 32.0%). Max pain ranged from $16.00 to $16.50. Net GEX was positive for 19 of 20 trading days. Term structure was in contango for 19 of 20 days. Put/call ratio averaged 0.67.

Notable Days

  • 2023-07-24: Highest Volume — 24,408 contracts
  • 2023-07-24: Largest IV spike — 7.6% change
  • 2023-07-31: Highest IV Rank — 39.5%
  • 2023-07-31: Largest Expected Move — 13.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$16.15$15.52$16.51$16.37$16.51
Max Pain$16.10$16.00$16.50$16.00$16.50
ATM IV44.2%38.8%54.3%38.8%54.3%
Expected Move12.5%11.2%13.4%11.2%13.4%
HV 20d32.0%26.3%40.4%40.4%26.9%
HV 60d47.6%46.9%48.1%47.8%46.9%
IV Rank13.8%0.0%39.5%0.0%39.5%
IV Percentile15.8%0.0%45.6%0.0%45.6%
Term Structure2.8%-1.6%6.4%0.6%-1.6%
VWIV43.9%39.4%46.7%39.4%46.7%
Skew 25d2.8%-1.0%4.9%2.2%3.3%
Skew 10d3.7%1.5%7.5%2.9%3.2%
Call IV 25d43.7%38.9%54.7%39.0%54.7%
Put IV 25d46.4%41.2%58.0%41.2%58.0%
Bid-Ask Spread %2.962.123.623.152.74
Gamma HHI0.110.090.240.090.10
Net GEX885.0K-240.2K2.2M729.2K594.1K
Net DEX-2.8M-14.7M24.1M-9.6M-7.9M
Net VEX-694.3K-743.8K-659.1K-743.8K-708.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.670.312.300.410.61
Total Volume15,664.79,97224,40812,09916,742
Total OI310,449.8283,726330,526303,657300,356

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-07-03$16.37$16.0038.8%11.2%40.4%0.0%39.4%2.2%0.6%729.2K-9.6M-743.8K0.413.15N/AN/A8,6043,495146,851156,806
2023-07-05$16.32$16.0039.2%11.4%38.6%0.9%40.3%2.9%0.9%944.3K-9.1M-732.8K2.303.62N/AN/A4,71910,863149,468157,985
2023-07-06$15.86$16.0041.0%12.3%34.3%5.6%43.6%2.1%0.3%328.6K6.9M-704.9K1.433.44N/AN/A5,2577,516151,102156,463
2023-07-07$15.96$16.0040.0%12.2%33.2%3.1%43.8%1.9%0.4%2.2M2.1M-708.2K0.723.56N/AN/A8,0665,797153,754157,369
2023-07-10$16.13$16.0040.6%12.5%33.0%4.7%43.4%3.5%2.9%413.8K687.2K-695.5K0.473.05N/AN/A6,9573,288146,240157,678
2023-07-11$16.41$16.0040.9%12.8%31.9%5.4%44.0%2.4%3.8%1.0M-14.7M-704.3K0.402.91N/AN/A13,9285,633150,155159,236
2023-07-12$16.27$16.0039.5%12.4%30.3%1.8%42.6%2.8%3.6%1.2M-10.7M-701.5K0.462.12N/AN/A15,8897,341155,737159,482
2023-07-13$15.79$16.0040.5%12.4%31.6%4.4%43.4%2.5%3.3%385.7K11.8M-674.4K0.432.74N/AN/A8,4423,617161,911160,124
2023-07-14$15.52$16.0041.1%12.2%30.1%5.8%44.7%3.1%2.1%-240.2K24.1M-659.1K0.482.65N/AN/A13,8916,632163,847161,231
2023-07-17$15.98$16.0043.4%12.7%31.9%11.6%45.0%3.7%4.8%690.3K4.0M-680.0K0.452.86N/AN/A9,8954,429158,087158,660
2023-07-18$15.89$16.0044.0%12.7%31.9%13.3%44.4%2.8%4.5%807.1K5.0M-676.7K0.462.68N/AN/A8,9574,100160,877159,634
2023-07-19$16.30$16.0044.2%12.7%32.9%13.9%45.0%4.1%4.5%1.6M-14.6M-696.9K0.522.68N/AN/A7,7204,021163,668161,104
2023-07-20$16.27$16.0044.1%12.4%32.4%13.5%43.0%2.4%4.4%1.5M-12.5M-688.3K0.603.15N/AN/A7,9924,761164,891162,443
2023-07-21$16.11$16.0044.4%12.2%31.7%14.3%44.0%1.9%5.8%1.2M-9.7M-673.8K0.682.85N/AN/A12,1718,312166,707163,819
2023-07-24$16.43$16.0047.8%12.8%31.4%22.9%44.4%2.7%0.9%888.0K-9.4M-686.1K0.312.42N/AN/A18,5655,843149,230134,496
2023-07-25$16.20$16.0050.2%13.3%31.7%29.0%46.2%4.6%2.1%1.0M-2.9M-686.2K0.733.16N/AN/A5,7784,194155,174137,657
2023-07-26$16.29$16.5049.9%12.4%29.9%28.3%43.6%3.2%2.3%1.1M-5.1M-682.9K0.703.42N/AN/A7,8545,533156,265140,365
2023-07-27$16.20$16.5049.7%12.9%29.4%28.0%45.0%-1.0%6.4%944.4K-1.7M-686.5K0.382.96N/AN/A14,3855,464158,357144,315
2023-07-28$16.23$16.5050.7%12.8%26.3%30.4%44.5%4.9%3.3%400.9K-2.6M-694.8K0.863.04N/AN/A8,9327,711161,853145,599
2023-07-31$16.51$16.5054.3%13.4%26.9%39.5%46.7%3.3%-1.6%594.1K-7.9M-708.6K0.612.74N/AN/A10,3956,347155,400144,956